Federal Reserve Chairman Jerome Powell is facing pressure from both Senate Democrats and Republicans over how chiefs of the 12 regional Fed banks and their board members are selected.
On Tuesday, Senate Democrats including Ohio Sen. Sherrod Brown, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and New Jersey Sen. Robert Menendez, a senior member of that panel, wrote to Mr. Powell and said the Fed needs more diversity in the leadership ranks of its regional banks.
